Dilip Buildcon has secured a road project worth Rs11.4bn ($152m) in the Indian state of Telangana.

The company secured the project after it was declared as L-1 bidder for a tender floated by the National Highways Authority of India on a hybrid annuity basis.

The project involves four-laning a 52km-long section of NH-363 from Repallewada to the state border of Telangana and Maharashtra.

In a stock exchange filing, Dilip Buildcon noted that the project is set to be completed in 24 months. The company will also be responsible for the operation and maintenance of the project for 15 years.

According to a Livemint report, the shares of the company gained as much as 7% following the announcement of the contract.

The stocks of the company have improved 53% from the March levels, the report added.

Dilip Buildcon is a full service infrastructure company engaged in building roads, bridges and dams, as well as industrial, commercial and residential buildings. It is said to have a presence in more than 17 Indian states.

Earlier this year, the company won a road project worth Rs8.6bn ($120m) in the Indian state of Chhattisgarh. The 39.3km-long project is scheduled to be completed in two years.

In January, Dilip Buildcon executed an engineering, procurement and construction (EPC) agreement with Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for a $175m road project.